Korbit Fined $1.9 Million for AML and KYC Violations by South Korea's FIU
On December 31, 2025, South Korea's Financial Intelligence Unit (FIU) levied a fine of 2.73 billion won ($1.9 million) against cryptocurrency exchange Korbit for breaches related to anti-money laundering (AML) and know-your-customer (KYC) regulations. An on-site inspection conducted in October 2024 uncovered thousands of violations involving lapses in customer due diligence and transaction restrictions, constituting breaches of the Special Financial Transactions Act.
The penalty imposed on Korbit includes an institutional warning and personal disciplinary actions against senior executives, including a warning for the CEO and a reprimand for the reporting officer. This enforcement is part of the FIU's strategy to strengthen AML capabilities and legal compliance, thus enhancing public trust in the virtual asset market.
Separately, the FIU took similar action earlier in November by fining Dunamu, operator of Upbit, $25 million for comparable violations. In developments involving Korbit's ownership, Mirae Asset is currently in talks to acquire a majority stake in the exchange in a transaction reportedly valued at up to $98 million. Notably, Mirae Asset has no prior involvement in the cryptocurrency industry.
